The Bank of Israel’s Composite State of the Economy Index for April 2017
increased by 0.3 percent, similar to the Index’s average rate of growth in the
recent period. The Composite Index was positively impacted this month by an
increase in the import of consumer goods and imports of manufacturing inputs,
as well as by the increase in the Industrial Production Index and the indices
of trade and services revenue for March. In contrast, the Index was negatively impacted
by a decline in goods exports.
The Composite Index figures for the end of 2016 and for January 2017 were
revised slightly downward, primarily due to a downward revision in growth data
for the end of 2016 (Table 1). Table 2 presents the development of components
of the Index in the past few months.
Table 1: Revisions in the Composite Index
Table 2: Changes in the Index components in recent months
(monthly percent change, unless otherwise noted) 1
1 As the Central
Bureau of Statistics stopped publishing monthly data on building starts,
beginning in July 2016 the method of calculating the building starts component
in the Index was changed. The component is calculated quarterly and the change
(in percent, seasonally adjusted) is attributed to the last month of the
quarter for which it is published. The last figure published is for the fourth
quarter of 2016 (and therefore is attributed to December) and it indicated a
decline of 0.8 percent.
2 Foreign trade indices
are quantitative (in contrast to Central Bureau of Statistics monthly foreign
3 The job
vacancy rate is included in the Index at its level, seasonally adjusted and
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